Reuters: US Dollar Report: Merkel says Europe in "serious" situation

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Merkel says Europe in "serious" situation Jun 27th 2012, 17:37 PARIS, June 27 | Wed Jun 27, 2012 1:37pm EDT PARIS, June 27 (Reuters) - German Chancellor Angela Merkel said on Wednesday that the situation in Europe was "serious" on the eve of an EU summit, but leaders were determined to take steps to ensure the continued strength of their single currency. Speaking at the Elysee Palace in Paris ahead of a working dinner with French President Francois Hollande, Merkel said: "We will talk about the political future of the economic and monetary union." "I say we need more Europe and I think we are in agreement there," she added. "We need a Europe that functions effectively, markets are looking for this, and a Europe where countries help each other." Merkel said she hoped the summit would produce a pact to boost economic growth in Europe.

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